Ethylene carbonate is a versatile compound that offers various applications and benefits across industries. As an eco-friendly solution, it is favored for its low toxicity, biodegradability, and environmentally friendly properties. It is widely used as a solvent, electrolyte, and additive in the automotive, electronics, and pharmaceutical industries. Its versatility, high stability, and compatibility with other materials make it valuable in energy storage systems, coatings, and lubricants. Ethylene carbonate's eco-friendly nature and diverse applications position it as a sustainable solution for multiple industry needs.
According to Data Bridge Market Research, the Global Ethylene Carbonate Market accounted for USD 417.00 million in 2021 and is expected to reach USD 1172.94 million by 2029. The market is expected to grow with a CAGR of 13.80% in the forecast period of 2022 to 2029.
“Rising demand in coatings and paints boosts the market’s growth”
Ethylene carbonate plays a crucial role in the coatings and paints industry as a reactive diluent and binder. As the construction and automotive sectors experience continuous growth, there is an increasing demand for coatings and paints. Ethylene carbonate's unique properties make it an ideal additive for enhancing the performance and durability of these products. The rising demand for high-quality coatings and paints drives the market for ethylene carbonate as manufacturers seek efficient and effective solutions to meet the growing industry requirements.
What restraints the growth of the global ethylene carbonate market?
“Fluctuations in raw material prices restraints the market’s growth”
Fluctuations in raw material prices restrain the growth of the ethylene carbonate market. Ethylene carbonate is derived from ethylene oxide, which is affected by price volatility due to supply-demand imbalances and geopolitical tensions. Fluctuating raw material prices pose challenges for manufacturers regarding cost management and pricing competitiveness. Moreover, it impacts the profitability of the market players and can lead to higher product prices, hindering market growth. Effective raw material sourcing strategies and risk management are essential to mitigate these challenges and foster market expansion.
Segmentation: Global Ethylene Carbonate Market
The global ethylene carbonate market is segmented on the basis of form, applications and end use.
- On the basis of form, the ethylene carbonate market has been segmented into liquid ethylene carbonate, solid ethylene carbonate.
- On the basis of applications, the ethylene carbonate market has been segmented into surface coatings, plasticizers, lubricants, lithium battery electrolytes, others.
- On the basis of end use, the ethylene carbonate market has been segmented into automotive industry, oil and gas industry, personal care and hygiene industry, industrial sector, medical industry, and others.
Regional Insights: North America dominates the Global Ethylene Carbonate Market
North America dominates the market in terms of market share and market revenue. It will continue to flourish its dominance due to increasing construction activities, rapid urbanization, and growing demand for ethylene carbonate. These factors drive the need for materials and chemicals used in construction, leading to a surge in demand for ethylene carbonate within the region.
Asia-Pacific, on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to rapid economic development and increasing production capacities of leading market players within the region are driving the growth of the ethylene carbonate market. The expansion of industries and production facilities result in higher demand for ethylene carbonate, creating favourable market conditions for its growth in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/ko/reports/global-ethylene-carbonate-market
Recent Developments
- In 2021, Huntsman Corporation, a chemical manufacturer based in The Woodlands, and KPX Chemical, a polyurethanes producer in Korea, have formed a joint venture called KPX Huntsman Polyurethanes Automotive Co. This venture aims to produce and supply polyurethane to Korean automakers.
- In 2021, Lotte Chemical, a prominent chemical company in South Korea, announced the production of materials used in electric vehicle batteries. They will be manufacturing electrolyte organic solvents through their high-purity ethylene oxide facilities. In addition, Lotte Chemical has expanded its manufacturing units to accommodate this production.
The Prominent Key Players Operating in the Global Ethylene Carbonate Market Include:
- BASF SE (Germany)
- Mitsubishi Chemical Corporation. (Japan)
- Huntsman International LLC. (U.S.)
- TOAGOSEI CO., LTD. (Japan)
- New Japan Chemical Co., Ltd. (Japan)
- Shandong Senjie Cleantech Co., Ltd. (China)
- Alchem Manufacturing (U.S.)
- Alfa Aesar (U.S.)
- Thermo Fisher Scientific. (U.S.)
- Merck KGaA (Germany)
- TCI Chemicals (India) Pvt. Ltd (Japan)
- Lixing Chemical (China)
- Tracxn Technologies Limited. (South Korea)
- RX MARINE INTERNATIONAL (India)
Above are the key players covered in the report, to know about more and exhaustive list of global ethylene carbonate market companies contact, https://www.databridgemarketresearch.com/ko/contact
Research Methodology: Global Ethylene Carbonate Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
